Exchange Traded Concepts LLC Has $2.38 Million Position in Dropbox, Inc. $DBX

Key Points

• Exchange Traded Concepts LLC sold 11,811 shares of Dropbox, Inc., reducing its stake by 12.5%, and now holds 83,037 shares valued at approximately $2.375 million.
• Insider Ashraf Alkarmi sold 10,098 shares, while CEO Andrew Houston sold 92,000 shares, highlighting ongoing insider selling activity within the company.
• Dropbox reported $0.71 EPS for the last quarter, exceeding estimates, although its revenue was down 1.4% year-over-year at $625.70 million.

Exchange Traded Concepts LLC cut its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 12.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 83,037 shares of the company's stock after selling 11,811 shares during the quarter. Exchange Traded Concepts LLC's holdings in Dropbox were worth $2,375,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elequin Capital LP lifted its stake in shares of Dropbox by 71.0% in the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after purchasing an additional 469 shares during the period. Brooklyn Investment Group grew its stake in shares of Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after acquiring an additional 991 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after buying an additional 449 shares during the period. Fifth Third Bancorp grew its stake in Dropbox by 27.3% in the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after acquiring an additional 490 shares during the period. Finally, UMB Bank n.a. increased its position in shares of Dropbox by 115.0% in the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the last quarter. Institutional investors own 94.84% of the company's stock.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 45,835 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.04, for a total value of $1,376,883.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Karen Peacock sold 2,000 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the director owned 23,295 shares of the company's stock, valued at $698,850. This trade represents a 7.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 314,333 shares of company stock worth $8,938,399 in the last three months. 28.59% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DBX shares. UBS Group downgraded shares of Dropbox from a "neutral" rating to a "sell" rating and reduced their price target for the company from $29.00 to $27.00 in a report on Thursday. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $29.67.

Dropbox Trading Down 0.6%

Shares of Dropbox stock traded down $0.18 during trading on Friday, hitting $30.61. 10,257,028 shares of the stock traded hands, compared to its average volume of 3,491,269. Dropbox, Inc. has a 52-week low of $24.35 and a 52-week high of $33.33. The firm has a market cap of $8.26 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 4.05 and a beta of 0.69. The stock's fifty day simple moving average is $28.46 and its 200 day simple moving average is $28.04.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. The firm had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 earnings per share. As a group, equities analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Dropbox Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.